RKB: Maiden MRE Confirmed At Maude Tailings Stockpiles, Mt Wills
Original announcement by asx on
- Company
- Rokeby Resources Limited
- Ticker
- RKB
- Exchange
- ASX
- Region
- Victoria
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update
- Extracted
- 2026-10-21 22:33:29 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Rokeby Resources Limited has announced a maiden JORC compliant Inferred Mineral Resource Estimate for the Maude tailings stockpiles at its Mt Wills Gold Project in Victoria. The estimate totals 84,000 tonnes at 2.26 g/t gold for 6,100 ounces, representing a potential low-cost, at-surface gold production opportunity. While the resource is entirely Inferred and based on historical data with some QA/QC uncertainties, the company plans further drilling and metallurgical test work to upgrade confidence and support early production assessments.
Reasoning: Rokeby Resources has announced a maiden JORC Inferred MRE for the Maude tailings stockpiles, which is a positive step for the project, offering potential for low-cost, at-surface gold production. However, the estimate is entirely Inferred, relies on historical data with QA/QC uncertainties, and uses an assumed bulk density, tempering confidence.
Positive factors
- Maiden JORC compliant MRE for tailings stockpiles
- Resource is at surface, implying low mining costs and potential for early production
- Average grade of 2.26 g/t gold is good for a tailings project
- QP/CP sign-off by a member of the Australian Institute of Geoscientists
Negative factors
- Resource is entirely Inferred, indicating low geological confidence
- Based on historical auger drilling from 1990 with limited historical QA/QC information
- Bulk density is assumed, not measured, introducing uncertainty
- Cut-off grade is >0 g/t Au, which is a reporting basis, not an economic cut-off, potentially including uneconomic material
- Historical metallurgical test work showed variable recoveries, and recent high recovery from another stockpile is not assumed representative for Maude
- No detailed operating/capital cost estimates or economic model yet
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 1
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The document explicitly states, 'A maiden inferred JORC compliant Mineral Resource Estimate (MRE) ... has been defined'.
Evidence · text
“A maiden inferred JORC compliant Mineral Resource Estimate (MRE)”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The Mineral Resource has been classified entirely as Inferred, indicating a lower level of geological confidence.
Evidence · text
“The Mineral Resource has been classified entirely as Inferred.”
All Inferrednegative
100% of resource is Inferred category — very early stage, no engineering confidence.
Why it applies: The document states, 'The Mineral Resource has been classified entirely as Inferred.'
Evidence · text
“The Mineral Resource has been classified entirely as Inferred.”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Mr Louis Cohalan, a Member of the Australian Institute of Geoscientists, is named as the Competent Person responsible for the Mineral Resource estimates.
Evidence · text
“The information in this announcement that relates to Mineral Resource estimates is based on, and fairly represents, information and supporting documentation compiled by Mr Louis Cohalan, who is a Member of the Australian Institute of Geoscientists.”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: The MRE is explicitly stated as 'JORC compliant'.
Evidence · text
“A maiden inferred JORC compliant Mineral Resource Estimate (MRE)”
Cut-off Lowerednegative
Cut-off grade significantly reduced vs prior estimate — tonnage growth may be artificial inflation.
Why it applies: The resource is reported at >0 g/t Au, effectively applying no selective mining cut-off, which can inflate tonnage and lower average grade.
Evidence · text
“The Mineral Resource is reported at >0 g/t Au within the interpreted surface stockpiles envelope, effectively applying no selective mining cut-off within the surface stockpiles body.”
No QA/QC Disclosurenegative · Story-specific tag
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: The document states that 'it is unclear if any QA/QC controls were implemented in sampling' for the historical data, and 'Accuracy and precision cannot be verified or quantified from the available records'.
Evidence · text
“It is unclear if any QA/QC controls were implemented in sampling, additional twin drilling and QA/QC verification have therefore been recommended before any upgrade in Mineral Resource confidence classification is considered.”
Assumed Bulk Densitynegative · Story-specific tag
No canonical definition is currently available.
Why it applies: A bulk density of 1.5 t/m³ was used for the resource, but it 'was not measured but selected as a reasonable value for this type of deposit'.
Evidence · text
“A bulk density of 1.5 t/m³ was used for the updated Maude Tailings Resource. This was not measured but selected as a reasonable value for this type of deposit.”
Refractory Orenegative · Story-specific tag
Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk.
Why it applies: The Maude tailings are derived from 'historical treatment of variable gold ores (including refractory sulphide ore)', indicating potential processing challenges.
Evidence · text
“Maude is an engineered historical surface stockpiles comprising predominantly sands, slimes and calcines derived from the historical treatment of variable gold ores (including refractory sulphide ore).”
Low Recoverynegative · Story-specific tag
Recovery below the weak band for the commodity and processing route.
Why it applies: Historical metallurgical test work on Maude tailings returned 'approximately 54–56% in bottle-roll cyanidation tests', which is below the weak band for gold CIL/CIP.
Evidence · text
“Historical metallurgical test work has returned variable recoveries, including approximately 54–56% in bottle-roll cyanidation tests and recoveries of up to approximately 90% in other laboratory programs.”
Extracted facts
Stored fact records: 1. Some facts used in scoring do not have a stored record.
Resource Estimates (1)
inferredMt Wills Gold Project · goldTonnes: 84000Grade: 2.26Grade Unit: g/tContained Metal: 6100Contained Unit: ozView all detailsHide details
Identity
- Project
- Mt Wills Gold Project
- Commodity
- gold
- Region
- australia_vic
- Reported Region
- Victoria
- Ticker
- RKB
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Qualified person names
- Louis Cohalan
- Resource group id
- resource:7f3b8b729bd0b27b265c
- Deposit or zone
- Maude tailings stockpile
- Mining method
- underground
- Material type
- tailings
Resource Data
- Category
- inferred
- Tonnes
- 84000
- Grade
- 2.26
- Grade Unit
- g/t
- Contained Metal
- 6100
- Contained Unit
- oz
- Cutoff Grade
- 0
- Cutoff Unit
- g/t
Prior Estimate
- Resource Date
- 2026-10-12
Lab
- Laboratory
- Gaffneys Creek Gold Mine laboratory
Location
- CRS
- GDA94 zone 55
- Loc. Confidence
- medium
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This maiden Inferred MRE for the Maude tailings stockpiles provides a baseline resource for potential low-cost, at-surface gold production. However, the Inferred classification, reliance on historical data with QA/QC uncertainties, and assumed bulk density temper the confidence in the estimate.
Positive factors
- Maiden JORC compliant MRE for tailings stockpiles
- Resource is at surface, implying low mining costs and potential for early production
- Average grade of 2.26 g/t gold is good for a tailings project
- QP/CP sign-off by a member of the Australian Institute of Geoscientists
Negative factors
- Resource is entirely Inferred, indicating low geological confidence
- Based on historical auger drilling from 1990 with limited historical QA/QC information
- Bulk density is assumed, not measured, introducing uncertainty
- Cut-off grade is >0 g/t Au, which is a reporting basis, not an economic cut-off, potentially including uneconomic material
- Historical metallurgical test work showed variable recoveries, and recent high recovery from another stockpile is not assumed representative for Maude
- No detailed operating/capital cost estimates or economic model yet
Evidence · table
“2.26”
Context: 84,000
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.